New-York tribune., 1887-12-12
THOMAS NJ. KING RETIRES
HIS WORK FOR TIE BALTIMORE AND OHIO.


RESIGNATION REQUIRED ny THE NEW ADMINIsrRA-
TioN or THE COMPANY.
rBY rELssnAPa TO TIE TRIBUNAL
BALTIMORE. Dec. IL tspccini).-Thomas NJ King, who
yesterday resigned the second vcepresidency OF the
Baltimore and Ohis Railroad because OF the election Of
Samuel Spencer t. the presidency will tomorrow pub
sh his letter the Board Of Directors Of the company
The letter not given sut to tho press yesterday AZ
was the other business of meeting Mr. King begins
by saying:
Being advised that the HARMONIOUS relations which
should exist In the staff Of your company to enable
successfully to discharge its duties will not exist II
continue to hold present position after the election
OF the chief executive officer hereby respectfully
tender my resignation az second vicspresdent doing
90 trust the board will permit me TO state as
simple OF justice to myself. the character Of the
service I have performed and what has been accom-
plshed thereby"
Mr. King then gives in detail the great works he has
accomplished while in the Baltimore aud Ohio service,
thus adng his connection with the corporation and
proving how valuable his services were In the course
sf this defence he writes:
entered the service at Pittsburg June 1881 in
charge Of the properties in Pennsylvania and found
your Plttsburg Division in anything but favorable
condition, being badly run down and its operating
force in state Of Generalization. lacking the confidence
Of tine community with whicht did business, and without
investors who had enterprises upon the line Where the
trade justified It, rival corporations were induced to
parallel ysur system to afford needed relief to shippers,
md Instead OF the Batxors and Ohio reaching and
developing the great cokng and other industries which
had their the line OF property, this
great traffic diverted to other channels Isur sys-
ten had practically entrance to Pitts
burg that could be called such AT
my suggestion, President John W. Car
rett authsnzed the taking up and
developing of terminal system in and around Pttsburg
and with the aid Of tho manufacturers there organ
lied and built what Is known rs the
Pttsburg Junction Railroad BY means OF this
read ysur system Is brought int close relations
with the great manufacturing interests OF Pttsburg and
Allegheny AMI thronyh it an alliance and direct cIncc
ton have perfected with the Ptsburg ana Western
system, reaching Cleveland. Lake Erie ports and tho
Mahoning and Shenango Valleys thereby enabling coke
producers TO reach IS per cent OF this coke consuming
region and giving coal producers upon your line OF road
lake market for their coal without having all their
shipments scrunized by the agents OF rival corpora
tons In connection with this Junction Railroad 1t Is
proper for TO say that upon the completion OF the
Pttsburg Cleveland aud Toledo Railroad line extend
ing from Newcastle Junction. Penn to Akron Ohio,
seve y eight miles the control OF the stock Of that road
obtained under an arrangement suggested by me to
President Garrett"
Mr.. King then tells how he negotiated the Pitts
burg loan for the company, aud how he Carried on
the work OF building the Philadelphia extension of the
r nd and securing entrance into Philadelphia ard New
York Il first time he makes public the real cost OF
the line PHILADELPHIA which he places at $l4 1907
The face value of the loans placed for the work
was SIGIIG0OO. Referring TO tho Sully-Ivss msdcas
Mr. Liug says:
at is proper for here to refer to certain,
harsh and unfavorabs criticisms which have
bee. made regarding my connection with the
Ivsssuly negotiation. Robert Garrett, =, a, as
individual and nearly all the leading Bal
timore stockholders entered into an arrange
ment to sell the Individual holdings. Tho
transaction was In their private capacity
and ne official connection had by tho company or
its officers personal friend Of Robert Garrett had
2 knowledge Of the negotiations, but not until after
they n.d made considerable progress.
The only subsequent negotiations that have had IN
connection with the financial affairs o. tho company was
in July last, large OF money was raised by
ne in New-York and Pittsburs to tide over
dangerous period. This money saved the company
frsm disaster at the time have had
NO relation with nor control over, nor have
been responsible for the operating branch o.
the service in the past three years except
as during the absence OF the first vcepresi-
dent in the winter OF 1sS4-'s5."
Mr. King in conclusion says: "I wish to call
The Boards attention to the fact that none Of
the earnings Of the COMPANY have been diverted to
and nsne of the floating debt contracted for any Of
the enterprises with which have thus been identi-
fed with the exception OF tne Hillteu
expenditures thus far made Pittsourg Depot and
the sum expended the Ae from Pittsburg TO Washing
tom Penn amounting to 544732 %, and Of this latter
SUM- 100000 was subsequently returned to
the company out Of the proceeds OF its Pitts
burg division loan ON tue contrary the
funds provided for the new extensions OF
which have had harge have been diverted. from those
constructions 10 meet the pressing necessities OF
The company arising from ig large r,n,a noatins
accring operation Of your yarisus liaes ieel
confident that. win proper provision made Tor the
gsnent the company will enter upon nsw career OF
prosperity and will increase the revenues all the mere
a. ths enterprises l have named are more per-
fsctly developed. Though, upon my severance
OF relations with the company n & nroa saa tb not & pe
surely result from M the ost sFeas .ocsgs w.s cars rs
for the past six years without even weeks yaca-
tiou, yet will rejoice Ia p,o.,n IT'S success success
have reeeved Utmost kindness, though not a;rse-
ing with hm questions pertaining 10 his poIcy
Re entrusted care always had his cordial sup
port and encouragement . uon, ,o.o.
with above hand tns BsI:n.aS TsIfnatsn asi al
seesna SSa Railroad Co@pany, ana will also forward
to the respective boards my resignation as president Of
he scnn{k nssf Compasy Gr saiisbGry Raj rad
Compasy, Farm ant, MorganJ"wn and PttsDurs hIsad
Company, and the Whcriing fittSu'e Au DAiins,o sn
staten Island Rapid Transit Railroad Company when
nss,fi,s nave held AS the cOnpauys representative
RIrMORED CHANGES IN JERSEY CITY ROADS.
Rumors concerning projected railroad changes in
Jersey CITY are current One vi them Is that the
Ioblgb Valley Railroad, which now runs Into Jersey
city on Pennsylvania Railroad tracks VIII transfer
its terminus to Comnunpaw as soon as the bs Union
station tlere has been built by tho Ncw-Jcrsey Gen.
tral Railroad The connection Of tho Lehlgh Valley
with the Central will 10 made at Rosec. Another
of the rumors is that the Baltimore and Ohio Railroad
viii also make use of the new Union Station as ter
minus and that the three companies VIZ, the "ew-
Jersey Central the Lehgh Valley and tho Baltimore
and Ohio Will make concerted effort in the next Leg
ature TO secure the bridge at wash
ington-st Tho Lehigh Valley Company In conjunction
with Matthlcssen a Wlcchors, the wealthy sugar
manufacturers. have heretofore prevented tho con-
structon of tho bridge, but 1t Is now said a nohg
OTHER things tlc railroad company has Purchased tic
sugar house pIopcrty and IL VIII be To- the Interest sd
.nnl Tn mo